Thursday, January 26, 2012

Visa Debit Cards, I am thinking about getting one!

Visa debit cards are becoming more and more popular in the United States as people are trying to transition away from credit cards. The problem that some people have is they want to make purchases online, rent vehicles, book hotels, book vacations etc. But don’t know how to do these things without using a credit card. Enter Visa Debit Cards. They are a combination of a debit card and a visa card.

A Visa credit card is when your purchases are billed at the end of the billing cycle, and you pay interest charges on the balance if it’s not paid in full. Visa debit card purchases are withdrawn directly from your account, by accessing your available funds. It also acts as a credit card with an expiry date and a security code at the back of the card, just like your credit card. This allows you to make purchases online, book hotels, rent vehicles and so on, the same way you would with your credit card.

Here in Canada, most banks haven't adopted this new card yet. CIBC is the only bank I could find that offers the visa debit cards. I am considering getting one of these visa debit cards, but they are pretty limited. I currently bank with PC and ING, because their banking is free. If I switch to CIBC I am going to have to pay a monthly plan fee, which I do not want to do.

Does anyone have one of these cards, I would love to know what you think?

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